Have you ever asked yourself how you are handling the reward and recognition of your employees in your workplace? Is your company or business up to date with the current trends in human resources and a reliable rewards program? According to a survey, it is believed that more than 55% of the employees in the company are not satisfied and more than 80% of the employees are not properly engaged in their work.
It is believed that if an employee is highly engaged, they can outperform other employees by more than 200%. Even a business review from Harvard shows that if there is an Employee reward recognition program present within the workplace, employees tend to perform better which in turn increases the growth of the business significantly.
Keeping all this in mind, let’s have a look at 5 reason why employee rewards program is important:
1) Recognition Equals High Engagement
The business review from Harvard revealed that the number one factor for increased engagement, i,e. passion for their work, is due to recognition. Recognising employees is a lot different at this time, compared to the old days when you could just give them a coffee mug or a pen as a reward. While you could still give out these gifts to employees, but most of them are more engaged in the moment they are in, rather than in the future.
2) Recognition From Peers
Being able to receive awards and recognition from peers have increased a lot. Popular HR magazine, HR Today, found that almost 42% of the companies have peer recognition set into their workforce. This can easily boost the performance and engagement of the employees within the office or even when they are in a remote location.
3) Effort Recognition
There are times when an employee tried really hard, but couldn’t achieve the desired results. In these scenarios as well, recognising their effort for working hard so they could achieve the goal, can improve their performance a lot. Recognising an employee for their efforts and creativity should never go unnoticed. Thinking of rewards programs that recognise these kinds of efforts like “best mistakes” can improve the culture within the business and engagement of employees.
4) Recognition Outside Of Work
Though one should never mix their personal life with their professional one, this step might just help your business an extra edge. Recognising an employee’s efforts should never be limited to the office. You can incorporate reward & recognition programs that rewards employees effort towards daily things like losing weight or stopping smoking etc. Having a program like this will show your employees that you are available constantly to support them and it encourages positive behaviour in the office. Try a reward program like the idea above, that will allow you to recognise & reward them for their wellness & personal development.
5) Happy Employees Equals Happy Clients
One secret to success, according to Forbes, is to keep the people who are working within the business happily, which in turn will improve and boost their performance, which ultimately will result in company growth. If the employees working inside your company are satisfied or at least happy during their office hours every day, it is guaranteed that they will keep the customers or clients of the company happy as well.
6) Frequent & Timely Recognition
Providing regular feedback to employees on a weekly basis can increase their performance and improve business growth. But every recognition should come in a timely manner, which we all have seen, diminished over time. A lost opportunity to recognise an employees contribution can result in a negative impact on their motivation and a chance for them to repeat their efforts again, which is a risk that you as a business should never take.
Not just that, waiting to recognise efforts until a huge milestone is achieved, might also result in lowered motivation & engagements from employees. Have a program that allows you to reward employees even in small victories. Using an HR analytics tool that has the features to incorporate rewards program should be your first step as it will also make this step visible to everyone within the business, giving them a small boost.